Support and resistance.
My trading plan is to sell when the current support line is broken on the hour chart and take profit at the next support line. The current support line will become a resistance line and I will utilise it as my next target.
I foresee, based on the current pattern that the market will move down to the 143 region and then move upwards as illustrated on the chart.
please bear in mind this is not advise and merely my expression and understanding of what is transpiring in the market at the moment.
be safe and always have a money management principle embedded in your strategy
My trading plan is to sell when the current support line is broken on the hour chart and take profit at the next support line. The current support line will become a resistance line and I will utilise it as my next target.
I foresee, based on the current pattern that the market will move down to the 143 region and then move upwards as illustrated on the chart.
please bear in mind this is not advise and merely my expression and understanding of what is transpiring in the market at the moment.
be safe and always have a money management principle embedded in your strategy
Comment:
The Target on the diagonal line has been reached.
My next trade will be when a new candle on the hour opens above the 145.500 i will go long with the targets:
1) 146.000
2) 146.500
3) 147.000
each target will be a new entry based on break through to the next level. if the market turns around and there is a clear indication I will ride the pull backs but keep money management in mind
My next trade will be when a new candle on the hour opens above the 145.500 i will go long with the targets:
1) 146.000
2) 146.500
3) 147.000
each target will be a new entry based on break through to the next level. if the market turns around and there is a clear indication I will ride the pull backs but keep money management in mind
Trade closed: target reached:
Targets, 1 and 2 was achieved. 3 was not reached and based on money management the transactions should have reached Stop loss if entered.
next step, i see is target 144.500 for 1st target, if new candle on the hour chart opens above 144.500 we can look at moving to the diagonal line on the chart.
If 144.500 is not broken the market will move lower then 143.772 (target A) if the 144.500 is not broken.
Please bear in mind this is not advise and merely my expression and personal trades.